Wynnstay profits almost double in 2022

Profits have almost doubled in the last year at Welsh-based agricultural supply group Wynnstay after higher revenue due to soaring feed and fertiliser prices.

The company made a pre-tax profit of £21.12m for the year ending 31 October 2022, up by 92% from £10.99m during the previous year.

Commodity inflation helped drive revenue up at the firm to £713m for the 2022 financial year, up from £500m during the previous 12 months.

See also: Wynnstay purchases feed business Tamar Milling

Wynnstay’s acquisition of poultry feed business Humphrey Feed and Pullets in March 2022 allowed the business to increase its feed-manufacturing capacity.

More recently, Wynnstay purchased Cornwall-based feed business Tamar Milling in November for £1.4m, which aided expansion in the south of England.

Gareth Davies, chief executive of Wynnstay Group, said the results were exceptional and set record highs across all key financial measures.

“While global events have driven substantial one-off financial gains that we do not expect to be repeated, the group in any case traded very strongly, helped by strong farmgate prices and growth and efficiency initiatives,” said Mr Davies.

“Trading in the new financial year to date has been in line with expectations. While there are economic headwinds, we remain confident of achieving our growth targets.”